TeleHex - The world's first universal hex key
I am the inventor of TeleHex and the founder of the company of the same name.
TeleHex is a patented ultra-compact, lightweight, and quick to use bike tool. It features a unique mechanism that allows users to simply insert the toolhead into most metric hex sockets on their bicycle, which will self-adjust to the correct size. The product was immensely successful on Kickstarter, raising $26k in just one month. TeleHex also claimed the distinguished $10k Laclavera prize at Hatchery's Demo Day. It is currently being sold in bike shops around the world, as well as on our website https://www.telehex.ca/ .
Here is TeleHex's story:
The idea - I had the idea to make an adjustable hex key after staring from my adjustable spanner wrench to my fold-up hex key set, and wondering "why is there nothing like this for hex keys?" The Hatchery, an incubator at the University of Toronto, gave me the resources in 2015 to bring my idea into fruition. I spent my entire summer prototyping the tool by hand in the university machine shop.
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Kickstarter Campaign - Under guidance from the Hatchery, we (my business partner and I) created and launched a Kickstarter crowdfunding campaign to raise market awareness, get initial capital, and gain product validation. We commisioned a nice video, notified our email list, and launched the campaign. It blew past its $15,000 goal in just one week, and we finished the 30 day campaign with $25,826 raised from 517 backers.
The Business - The crowdfunding campaign generated a lot of buzz in the cycling world. In the following months we launched our ecommerce site, got on bike store shelves, and began marketing the product through social media and trade shows around the world.
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[Technical details omitted for IP protection]